Conventionally, magnetic memory bits are based on magnetic elements with a single easy axis of magnetization. When such elements are used in magnetic (magnetoresistive) random access memory (MRAM) devices based on magnetic tunneling junctions (MTJs), the elements give rise to two resistance states corresponding to parallel and anti-parallel configurations of the free and fixed magnetic layers in the junction, which can store one bit of information. One of the major challenges facing the MRAM industry is identifying routes for increasing the memory density. A conventional option is to decrease the magnetic bit size, but this option is associated with intrinsic obstacles, including superparamagnetism.